IndiGrid raises long-term NCDs from IFC

IndiGrid announced that International Finance Corporation (IFC) has subscribed to a listed non-convertible debentures (NCD) issuance of IndiGrid aggregating to Rs 11.4 billion. With a total tenure of 18 years, the NCD were priced at a competitive rate that is fixed for a long tenure. IndiGrid plans to utilise this debt for funding its upcoming refinancing opportunities in 2024.

India Grid Trust is an Indian power sector infrastructure investment trust. It is sponsored by KKR and Sterlite Power. The entity is registered with Securities and Exchange Board of India (SEBI) pursuant to the InvIT regulations to own power transmission and renewable assets.

In February 2023, the Board of Directors of Vedanta Group approved the procurement of 691 MW of renewable energy to power the company’s aluminium, copper, and oil and gas operations across India. The company will obtain 91 MW of hybrid renewable energy which includes 50 MW for aluminium operations, 16 MW for copper operations, and 25 MW for oil and gas operations and 600 MW of solar energy for aluminium operations.